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Social Capital Accumulation Through Social Media Networks: Evidence from a Randomized Field Experiment and Individual-Level Panel Data
No full textWork-related social media networks (SMNs) like LinkedIn introduce novel networking opportunities and features that promise to help individuals establish, extend, and maintain social capital (SC). Typically, work-related SMNs offer access to advanced networking features only to premium users in order to encourage basic users to become paying members. Yet, little is known about whether access to these advanced networking features has a causal impact on the accumulation of SC. To close this research gap, we conducted a randomized field experiment and recruited 215 freelancers on a freemium, work-related SMN. Out of these recruited participants, more than 70 received a randomly assigned, free, 12-month premium membership voucher. We observe that individuals do not necessarily accumulate more SC from the ability to access advanced networking features, as the treated freelancers did not automatically change their digitized networking engagement. Those features will only unfold their full utility if the individuals are motivated to proactively engage in networking: Freelancers who have access to advanced networking features increase their SC by 4.609% for each unit increase on the strategic networking behavior scale. We confirm this finding in another study utilizing a second, individual-level panel data covering 52,392 freelancers; in tandem, we investigate the dynamics that active vs. passive features play in SC accumulation. Based on the findings, we introduce the “theory of purposeful feature utilization”: essentially, individuals must not only possess an efficacious “networking weapon"––they also need the intent to “shoot” it
Reporting Technologies and Textual Readability: Evidence from the XBRL Mandate
No full textFinancial reporting technologies can significantly affect how firms construct and disseminate quantitative and qualitative disclosures. Leveraging the opportunity created by the eXtensible Business Reporting Language (XBRL) mandate in the United States, we use a difference-in-differences approach to examine whether and how a firm’s XBRL adoption affects the readability of its textual disclosures. We find that the initial adopters’ HTML-formatted annual reports become harder to read after the XBRL mandate. Further analysis reveals that this effect is concentrated among adopters with more quantitative disclosures, those with smaller firm size, and those with a higher level of financial complexity. Importantly, we show that managers’ reduced attention to preparing HTML-formatted annual reports, rather than increased disclosures, is likely the explanation for this decrease in textual readability. We also find that the negative effect on textual readability persists at least in the subsequent year. Taken together, our results suggest that although XBRL can standardize numerical disclosures, its initial adoption can divert managerial attention and result in reduced readability of textual disclosures
Interactive Information Design
No full textInternational audienceWe study the interaction between multiple information designers who try to influence the behavior of a set of agents. When each designer can choose information policies from a compact set of statistical experiments with countable support, such games always admit subgame perfect equilibria. When designers produce public information, every equilibrium of the simple game in which the set of messages coincides with the set of states is robust in the sense that it is an equilibrium with larger and possibly infinite and uncountable message sets. The converse is true for a class of Markovian equilibria only. When designers produce information for their own corporation of agents, robust pure strategy equilibria exist and are characterized via an auxiliary normal form game in which the set of strategies of each designer is the set of outcomes induced by Bayes correlated equilibria in her corporation
ESG News, Future Cash Flows, and Firm Value
No full textWe investigate the expected consequences of negative ESG news on firms' future profits. After learning about negative ESG news, analysts significantly downgrade their forecasts at short and longer horizons. Negative ESG news affect forecasts more strongly at longer horizons than other types of negative corporate news. The negative revisions of earnings forecasts following negative ESG news reflect expectations of lower future sales (rather than higher future costs). Quantitatively, forecast revisions can explain most of the negative impacts of ESG news on firm value. Analysts are correct to revise forecasts downward following negative ESG news and ESG sensitive analysts tend to provide more accurate forecasts
Le management des industries créatives
No full textInternational audienceManagement et création… Le bel oxymore ! L'association de ces termes heurte nos conceptions, car elle renvoie spontanément aux idées d'un côté de standardisation, de stabilité, de contrôle, et de l'autre de singularité, de transgression ou d'incertitude. Cette opposition sémantique ne peut cependant pas masquer que ces univers cohabitent et se sont rapprochés, notamment depuis l'introduction du terme de creative industries 1 par Richard Caves (2000) et des recherchesnombreuses, mais fragmentéesqui se sont attachées à mieux comprendre l'organisation et le management de ces industries dans une grande variété d'approches théoriques et méthodologiques. Cet article introductif entend affirmer ou réaffirmer la pertinence de la catégorie d'« industries créatives » vis-à-vis des recherches en management. Il développe l'idée que les entreprises qui évoluent dans ces industries font face à un paradigme managérial idiosyncratique qui repose sur trois spécificités structurantes : différenciation par l'originalité, abondance, subjectivité du créateur. La catégorie est pertinente, et des secteurs qui peuvent paraître aux antipodes les uns des autresjeu vidéo et parfum, grande cuisine et musique, édition et mode, spectacle vivant et architecture…-ont un ADN commun. Que la catégorie soit pertinente ne doit pas occulter pour autant sa variété. Elle apparaît, dans l'énumération qui vient d'être faite, dans les modes de diffusion et dans les matériaux de création, qui structurent cette agrégation d'industries. Elle se manifeste autour de deux autres lignes de faille. D'une part, si ces entreprises s'inscrivent dans un paradigme managérial spécifique, elles le font de manière plus ou moins volontariste, plus ou moins consciente, donnant lieu au sein de ces industries à des « mondes opposés » qui peuvent avoir tendance à se polariser. D'autre part, même si l'on retrouve u
Helpful or Harmful? Negative Behavior Toward Newcomers and Welfare in Online Communities
No full textNewcomers are important for the survival of online communities, but their contributions often receive negative reactions and comments from established members. Online communities realize that such negativity can take a toll on newcomers and harm the creation of user-generated content. We study a novel intervention aimed at reducing hostility toward newcomers: a “newcomer nudge” that informs community members when they are interacting with a newcomer’s post and asks them to be more lenient toward its creator. Taking advantage of granular data from a large deal-sharing community and a natural experiment, we use a difference-in-differences approach and find robust evidence that the newcomer nudge induced members to write 46% more responses per day with 10% fewer negative words during the first two days after a deal was published. Our results show that the nudge-induced change in behavior toward newcomers increased newcomer retention. However, we also observe that before the nudge, newcomers’ second posts received more net votes (upvotes minus downvotes) than their first posts. After the nudge, newcomers’ subsequent posts were less popular than their first posts, which indicates that the nudge interrupted newcomers’ learning curve by suppressing helpful feedback
Legitimacy judgments and prosociality: Organizational purpose explained
No full textChapter for "Handbook on the Business of Sustainability: The Organization, Implementation, and Practice of Sustainable Growth", edited by Gerry George, Martine R. Haas, Havovi Joshi, Anita McGahan and Paul TraceyPurpose is a set of common beliefs that guide organizational members’ actions toward long-term achievements, independently of an organization’s immediate profitability. Hence, purpose reveals new motivational mechanisms for employees’ engagement that legitimacy-as-judgment research and prosociality literature address. Drawing on these approaches, this chapter investigates the sources and consequences of organizational purpose. We suggest three avenues for research by emphasizing that purpose is not another organizational goal but differs in its conceptual nature, by addressing aggregation of micro-behavior in terms of incentive structures, and by accounting for the emergence and maintenance of purpose itself
Intermediate, Local and Glocal Innovation Models for MNCs Targeting Emerging Markets: The Case of a European Telco Operator in Africa and the Middle East
No full textInternational audienc
Stock Ownership of Federal Judges and its Impact on Corporations
No full textThis paper investigates whether and how litigant peer stock ownership by federal district judges affects characteristics of case outcomes for large corporate litigants. We find that industry-peer stock ownership by district judges is associated with the following outcomes for corporate litigants named in their assigned cases: 1) an increased likelihood of judgments for the corporate litigants, 2) a decrease in the amount received by the parties suing these corporate litigants, and 3) a decrease in the length of the litigation proceedings. The random assignment of district judges to cases provides exogenous variation in the judge stock ownership. We further identify the association outlined in our base results by examining appellate court reversals of district judgments, a triple difference analysis isolating large-stake investments, and outcomes in case types that should impact industries either cooperatively or competitively. Our results survive a falsification test as well as a battery of robustness tests. Our findings underscore the importance of mandates governing judge stock ownership, and more broadly, judge conflicts of interest
Asset Pricing with Systematic Skewness: Then and Now
No full textWe reexamine the asset pricing performance of systematic skewness ("coskewness"), a risk factor in the three-moment CAPM model of Kraus and Litzenberger (1976). In an influential paper, Harvey and Siddique (2000) test a coskewness factor constructed by sorting stocks on past coskewness. We replicate and extend their paper. Overall, coskewness appears to be priced in the cross section of stocks, especially when using an alternative coskewness proxy like (i) the predicted systematic skewness (PSS) of Langlois (2020), where coskewness is predicted by various firm characteristics, or (ii) a modified PSS factor (mPSS) that uses only return-based characteristics